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Friday, April 20, 2007

Iraq may hold twice as much oil

Stafford comments on the news - in the world's press today - that estimates of Iraq's oil reserves have doubled. He writes to say:

With the latest exploration technologies being applied throughout the country the potential to discover abundant additional reserves in Iraq is way beyond the current level of public imagination. (Areas in western Iraq where Sunnis predominate probably have major reserves.)

Compound this exploration with the application of the latest production technologies, high oil prices and some of the lowest production costs in the world. Combine this with Iraq's human resource capacities unique to the Middle East - skilled, educated, trainable, hardworking - women as well as men. Complement all this by adding value in-country to raw oil and gas through processing facilities, petrochemical industries, power production for local consumption and export to neighbors at favorable rates, and to support cement and other major industries. Add these all up and it means tremendous wealth for all Iraqis to move into a new era and a different world.

Plus add wealth from Iraq's water and great agricultural potential!!!

Iraq has the potential to streak like greased lightning beyond that other country where income distribution remains a serious issue, where education is mired in yesteryear inhibited by only eight universities (for example), among other issues to which wealth does not apply.

But of course this is directly dependent on security and stability, professional public policies, modern analyses and planning, and efficient implementation with acute consideration to cultural and environmental factors.